NY Sports Betting Nets Record $73 Million in Tax Revenue in Sept.

NY collected more than $73 million in tax revenue from sports betting activity last month. New York has received $468.4 million since online sports gambling apps launched in January. The previous record was $63 million from January 2022. New Yorkers reported a total handle of $1.26 billion in September.

DraftKings and FanDuel were the most popular sports betting operators in September. Caesars Sportsbook took in $163 million in sports bets last month. New York had limited retail sportsbooks since 2019, but in January it made its foray into legal sports gaming online. No fewer than a dozen mobile sportsbook have been licensed in New Yorkers. Sports betting cannot deduct promotional money from their taxable amount in NY.

NY Sports Betting Nets Record $73 million in Tax Revenue in Sept. Some sportsbooks are cutting back on promo offers to reduce the cost of doing business in New York. Ohio will launch sports betting in January. Maryland is expected to go online with sports gambling later this year. California's November 8 elections will decide whether to legalize sportsbetting. The current 51% tax rate is higher than the 10% proposed in California.